Alexion Pharma to Buy Enobia for Up to $1.08B

CHESHIRE, Conn. -- Alexion Pharmaceuticals Inc. said Wednesday
it will buy drug developer Enobia Pharma Corp. in a deal that could
be worth $1.08 billion.

Alexion will pay $610 million cash upfront for Enobia and as
much as $470 million more based on regulatory and sales milestones.
Enobia is a privately held company based in Montreal and Cambridge,
Mass. Its most advanced drug candidate is ENB-0040, an experimental
treatment for hypophosphatasia, which is a metabolic disease that
can cause skeletal deformity, severe muscle weakness, and
progressive damage to vital organs.

Alexion said there are no approved treatments for
hypophosphatasia. ENB-0040 is in mid-stage clinical testing, and it
has received orphan drug status in the U.S. and European Union,
along with fast-track status in the U.S. Fast track reviews are
intended to lead to faster decisions about drugs for serious
illnesses or unmet medical needs, and orphan drug status means that
if ENB-0040 is approved, it will have years of marketing
exclusivity.

Alexion's only approved drug is Soliris, which treats two rare
blood disorders.

Shares of Alexion fell 63 cents to $70.92 Wednesday. The stock
gave up $1.27 to $69.65 in aftermarket trading.